Thought Leadership

 
Industry Insight Opinion Pieces

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Marketing Research Information

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Detailed Analysis & Information
insurance billing software, insurance claims software, insurance management system
insurance billing software, insurance claims software, insurance management system
insurance billing software, insurance claims software, insurance management system
White Paper

 

Industries

Property & Casualty       Life, Health & Annuity   

Property & Casualty


In Focus

Dual Focus Ensures Clients Receive Quality
Reading Time: 4 min.

At StoneRiver two perspectives come into play when considering quality, formal engineering processes and a pride in ownership. The software engineering organization for the ”All Lines” business unit for commercial and personal products follows the Agile software development process with a focus on productivity and quality. In addition to the formal Agile practice, there is a qualitative cultural belief to “Take Pride! – I deliver and expect the highest quality in everything.” Taken together, the delivery of StoneRiver’s very newest Stream® products have both low client release defect rates and a consistently high quality client experience.

This document discusses the process we undergo to assure high quality and the steps we take to constantly reinforce “Take Pride!” as our cultural belief.

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In Focus

Is Your Infrastructure on a Bridge to Nowhere?
Reading Time: 5 min.

A couple of years ago you probably noticed that history began repeating itself. It was the onslaught of the Big 4: mobile, social media, cloud computing, and big data. The concept is simple: everything that happens is recorded, stored, and quickly accessible by an untethered-but-always-connected mobile device. Pretty much any transaction you can contemplate is available on a mobile device from a social media site or app stored on a cloud containing big data. Personal and local experiences are just as widely used as distant access features too. Having access to do or see anything anytime wherever you are is the newest expectation of a content- and media-hungry society.

Today, insurance processing systems are not only about what you can store or process yourself but also about how easily your infrastructure can interact with the Big 4.

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In Focus

The Flip Flop: What Can Big Learn from Small
Reading Time: 5 min.

I recently saw a photo from 2009 that included a person with a “Flip” video camera. I instantly recalled the old days long before 2009 when getting videos off a traditional video camera meant that proprietary software had to be installed on a PC and then a lengthy process of transferring the video content ensued. Then the Flip came along and made it fast and easy to share videos … I found it handy to use. Others did too because it brought a major loss to the traditional video camera’s market share. The Flip quickly won acclaim. Its success was due to the ease of connecting and distributing the content.

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In Focus

4 Pitfalls to Avoid When Evaluating Core Systems
Reading Time: 6 min.

Vince Lombardi said that perfection is not attainable, but if we chase perfection we can catch excellence. If that’s the case, then in our pursuit it might be as wise to know what to avoid as it is to know what to pursue. This article includes four pitfalls to refrain from when your company is replacing a core system.
Pitfall #1: Losing sight of the strategic goal. It’s easier than you think for a cross-functional team picked for system evaluation to lose the strategic vision that upper management had when conceiving the initiative. Why? Find out and read a proposed solution.

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In Focus

 

Unraveling Schedule F and Reinsurance Processing
Reading Time: 8 min.

We have come a long way from the intensive manual and time-consuming efforts of 20 years ago. However, as much as we have progressed in reducing the manual effort, the complexity and requirements for reinsurance processing data and Schedule F information continue to grow to this day.
Today reinsurance processing is all about auditability, timeliness and accuracy. Carriers must be able to produce a defensible audit trail for Schedule F transactions and for their reinsurer’s information or they risk additional Schedule F penalties and may even be required to refile their financial statements. This would be a very costly outcome in terms of expense and reputation.
A defensible audit trail all begins at the reinsurance processing level. Does the carrier’s reinsurance system or process provide an audit trail for reinsurance transactions? The carrier must be able to substantiate the Schedule F transactions to its management, regulators and auditors. Typically, auditors want to see the details of these transactions, including the associated direct transactions and the identification of the originating source(s) system. This is a tremendous task to do without automation. And when it comes to top side Schedule F adjustments, auditors require well documented reasons for these types of entries.  

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In Focus

 

Going Beyond Tech for Claims Processing Optimization
Reading Time: 5 min.

Faster and better claims service continues to be the objective for P&C claims insurers. Carriers must maintain claims integrity, avoid overpayment, and catch fraudulent claims before paying them. Technology can help with some objectives, but to balance claims speed and quality well requires more than many realize. This article discusses some additional issues for consideration, such as integration with third party services, adjusters with different skill sets, and more.

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In Focus

 

Core System Implementation Challenges and Solutions
Reading Time: 4 min.

While many IT professionals have years of experience in a variety of areas, they may not have experience with a major implementation of a core system like a policy or claims system. What challenges can they prepare to encounter? Here are a few:

  • Time constraints
  • System requirements
  • Length of implementation
  • And more

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In Focus

 

How Business Process Optimization Can Enhance the Claims Process for Insurance Companies
Reading Time: 6 min.

For property and casualty insurance companies, one of the top priorities today is improving the process of handling claims. Customers expect fast, accurate service, and if they don’t get this, they might take their business elsewhere.

Insurers must find ways to enhance workflows that shorten response times, and improve customer service. At the same time, insurers must be certain they do not overpay claims or pay fraudulent claims.

For many companies, the answer to these challenges is business process optimization. Through optimization, insurance companies can create streamlined claims processing that not only enhances customer satisfaction but also adds significant efficiency for the business. This article examines the challenges insurers face today in handling claims, and the potential for business process optimization solutions to address those challenges.

  • Challenges of claims processing
  • Technology and business process optimization can enhance processes
     

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In Focus

 

Things That Good Claims Technology Won’t Do for Your Company
Reading Time: 5 min.

When the search begins for software to modernize or replace an existing claims system, the focus is typically on what you want the system to achieve. However, just as important are five considerations about what good claims technology won’t do for your company.
 

Good claims technology won’t force you to move away from technology you’ve already invested in. Good software vendors are also good corporate citizens that offer components based on industry standards. This approach means that if your environment evolves, you can more easily change a rules engine or BPM engine, for example. If you have invested in a particular document solution or database, the claims software vendor can layer in on top of that environment without your having to do wholesale changes. There might be some additional challenges when dealing with older technologies with no enterprise service bus in place. Read  the other four considerations by downloading this free thought leadership article.

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In Focus

 

How to Take Full Advantage of the Hours Clause for Catastrophes
Reading Time: 4 min.
 

When there is a long duration for any particular catastrophe, it’s difficult to figure out what to report to reinsurers. In many reinsurance arrangements there is an hours clause that can have a great bearing on the loss amount that can be invoiced to a reinsurer for recovery. Find out how to take full advantage of this clause.

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In Focus

 

Researching Core Systems
Reading Time: 8 min.
 

Replacing or modernizing a core system is an important undertaking for an insurer and for those working on the project. It’s commonly known that core system projects require time, effort and money to attain success. Selecting the best system and vendor for your project is critical to getting the results you want. That selection requires determination, dedication, and a lot of research on available systems. In the words of some project veterans, “There are no shortcuts.” Be sure to consider these key issues when you are researching.

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In Focus

 

Current & Future Needs: Mobile Device Access for Core Systems
Reading Time: 6 min.
 

Effective solutions need a flexible underlying platform so you get production-ready insurance processing out of the box that can change as future requirements surface. You need to be able to add emerging technologies once they become mature and stable. You must be able to count on solid user interface technology today while being able to change UI experience to virtually any technology in the future.

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In Focus

 

From Data Mining to True Business Intelligence
Reading Time: 5 min.
 

While Business Intelligence (BI) is a matter of increasing discussion and importance, the term – and the activities it describes – have been part of the management and planning discussion for decades. Today we see a breakthrough in BI. Fully integrated data management systems have been in place long enough to facilitate a new level of capabilities. These capabilities are defined by drawing meaning from the information passing through end-to-end e-managed processes. With the insights gleaned from mining the data that insurers have available, they can monitor the flow of transactions as the policy, billing and claims system process them.

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In Focus

 

Building a Business Case for a Claims System
Reading Time: 10 min.
 

Building a business case for a new property/casualty claims system includes highlighting and quantifying opportunity and outlining current challenges. Two of the greatest opportunities revolve around customer service and greater efficiency.

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In Focus

 

Building a Business Case for a Billing System
Reading Time: 9 min.
 

Regardless of how hard-working the industry’s aging billing systems are, they can’t always meet the needs of effective operations, nor can they help a company exceed customer expectations. How does a company generate a business case for an advanced billing system that addresses both sets of needs: operational and customer? This article contains some key considerations.

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In Focus

 

Claims Systems Reimagined
Reading Time: 4 min.
 

Modern claims administration solutions have to help reduce leakage, improve productivity, aid retention of competent adjusters, reduce cycle times and improve customer service … all while providing managers with a set of key measures to continually improve processes and optimally deploy staff. These are table stakes for any new claims systems. But they are no longer enough to operate in a fully optimized manner. There are new business needs and new technology that paint a picture of where claims systems are heading.

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In Focus

 

Claims Management: Client Success
Reading Time: 3 min.

A claims management system has to handle many events … a car accident … a tornado … a work injury. The best approach for an insurer that wants to respond quickly and consistently is to turn to a software provider with 30 years of experience delivering systems that understand the art of claims management. This paper highlights four StoneRiver claims clients and their experiences in achieving the business objectives they wanted.

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In Brief

Four Essential Considerations for a Billing System
Reading Time: 3 min.

Legacy billing systems don’t meet the expectations of customers, nor do they meet the needs of today’s carriers. If carriers decide to buy a billing system when it’s time to move off a legacy platform, then they need to address the four essential considerations contained in this article.

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In Focus

The Future of Claims Reporting
Reading Time: 7 min.

How can carriers continue to improve claims service and lower cost through faster handling? When policyholders suffer a loss, that’s the time for an insurance company to step up to deliver on customer service. Innovative technologies proactively involve the insurer and speed up loss notice.

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In Brief

Billing: The Impact on Customers and Operations
Reading Time: 3 min.

Day in and day out aging P&C billing systems still process tens of thousands of transactions throughout our industry. However, these hard‐working systems cannot meet the needs of your executive team, nor can they help your company exceed customer expectations. This paper looks at what management wants and what customers expect.

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Life, Health & Annuity  


InFocus

Cracking the Code: How, When and Why Will Millennials Buy Insurance?
Reading Time: 4 min.

While it’s perilous to generalize and categorize a group of consumers, the annual gathering of StoneRiver client executives widely agreed that there is an industry focus on the Millennial Generation as a target market.

Millennials are perceived as confident and demanding a very high standard of service from those with whom they do business. Yet our group of executives felt that Millennials are by and large wary of financial institutions, including insurers.

Jerry Whetnall, StoneRiver Product Development Director, recaps the conversation about Millennials and some barriers facing this market.

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InFocus

Tools of the Trade
Reading Time: 3 min.

Reprinted with permission. Best's Review, September 2014.

The article states that intuitive, fully integrated underwriting systems are in demand. Learn more about how LifeSuite® 7.5 not only assigns cases but also manages case loads. Many other features, combined into this system, speed up the underwriting process so policyholders don’t have to wait as long to obtain coverage.

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Infocus

Point of Sale Decisions in the Life Insurance Industry: Survey Results
Reading Time: 10 min.

In March 2014 StoneRiver surveyed life insurance carriers on their adoption and use of point-of-sale decisioning (POSD).
With advances in technology and nearly immediate availability of underwriting evidentiary data, automated data collection and underwriting have made point-of-sale decisions a reality for many insurance products.

The intent of the survey was to assess:

  • The current level of implementation across carriers
  • The appetite for point-of-sale decisioning
  • The varied approaches and methodologies being undertaken

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In Focus

Automated Underwriting Puts Speed in the Insurance Sales Process
Reading Time: 9 min.

Reprinted with permission from the Bank Insurance & Securities Association, Q1 2014 magazine

Life insurance sales remain driven by speed, ease and expense. It’s no surprise then that buying life insurance is becoming faster, easier, and less expensive. One of the catalysts—especially for simplified issue insurance—is automated underwriting. This article looks at how automated underwriting has decreased the time required from three to four weeks down to minutes.

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In Focus

The Keys to Saving Crucial Minutes in Insurance Sales
Reading Time: 5 min.

In the not too distant past both the carrier and the proposed insured understood that it took time, sometimes between 45 and 60 days, to process an insurance application, especially for life or health insurance. But times changed, along with insurance buyer and agent expectations. Carriers were in a race, hoping to reduce underwriting turnaround time from 45 to 20 days, then from 20 to 5 days. And now? Carriers fight to save minutes, not days.

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White Paper

LifeSuite Automates New Business and Underwriting Processes on the Web

Use this document to perform a preliminary evaluation of LifeSuite, a web-based automated underwriting system that streamlines processes and improves results. Read about the benefits you can expect from a LifeSuite deployment, as well the system's technology, architecture, and functionality.

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